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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil exporters happy with level of output ceiling

    Hkp1
    Hkp1
    Hkp1
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    Posts : 3118
    Join date : 2012-12-19
    • Post n°1

    Oil exporters happy with level of output ceiling Empty Oil exporters happy with level of output ceiling

    Post by Hkp1 Fri 05 Apr 2013, 1:37 am

    Oil exporters happy with level of output ceiling


    REUTERS

    Friday 5 April 2013

    Last Update 5 April 2013 2:05 am

    PARIS:
    OPEC is happy with the producer group’s official oil output ceiling of
    30 million barrels per day, its secretary general Abdullah Al-Badri said
    ahead of an OPEC meeting next month to set output policy.

    The
    Organization of the Petroleum Exporting Countries is scheduled to meet
    on May 31 in Vienna to review its output policy for the second half of
    the year.

    Al-Badri also said the 12-member group would not
    address the issue of a production allocation for Iraq until 2014. Iraq
    has for many years been exempt from OPEC output agreements.

    Crude
    oil prices fell after an increase in new US claims for unemployment
    benefits reinforced concerns about sputtering economic growth in the top
    global oil consumer.

    US initial jobless claims hit a four-month
    high last week, a third consecutive rise, suggesting the labor market
    recovery lost some steam in March.

    Initial claims for state
    unemployment benefits increased 28,000 to a seasonally adjusted 385,000,
    the highest since November, the Labor Department said.

    “The
    jobless claims added to the pressure after the Bank of Japan’s decision
    to pump money created a big rally in the dollar and US debt in a
    safe-haven play,” said Phil Flynn, analyst at Price Futures Group in
    Chicago.

    The Bank of Japan on Thursday said it would inject about
    $ 1.4 trillion into the economy in less than two years, pushing the
    dollar up sharply versus the yen as US Treasury debt prices also
    advanced.

    Brent May crude fell $ 1.16 to $105.95 a barrel by 1525 GMT, having fallen to a 2013 low at $ 105.73.

    Brent tumbled $ 3.58 on Wednesday, its biggest one-day fall since early November.
    US May crude was down $ 1.47 at $92.98 a barrel, having fallen to $ 92.56, the lowest intraday price since March.

    Thursday’s
    US jobless claims report arrives a day after a report of
    weaker-than-expected private-sector jobs growth in March, and a day
    ahead of the government’s closely watched
    nonfarm payrolls report for March.

    Continuing
    to weigh on crude futures was a rise in US crude oil inventories last
    week, reported on Wednesday by the Energy Information Administration.

    The
    inventory boost put US commercial stocks at 388.62 million barrels, the
    most since 1990 and close to the record 391.9 million barrels reached
    in 1982, the year the EIA started tracking inventories.


    http://www.arabnews.com/news/447089
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